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Tongling Nonferrous plans to spin off its holding subsidiary, copper crown and copper foil, to be listed on gem.
Sep 2,2020 20:48CST
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SMM News: Tongling Nonferrous disclosed on the evening of September 1 that the company intends to spin off its holding subsidiary copper crown copper foil to the gem of the Shenzhen Stock Exchange for listing. After the completion of this spin-off, Tongling non-ferrous ownership structure will not change, and still have a controlling stake in copper crown copper foil.

After this spin-off and listing, the company and other enterprises controlled by the company (except copper crown copper foil) will continue to focus on the development of business in addition to the R & D, manufacturing and sales of high-precision electronic copper foil, highlight the company's main business advantages, and further enhance the independence of the company.

For copper crown copper foil, after this spin-off and listing, the company will still be its controlling shareholder, and the related party transactions between copper crown copper foil and the company will still be included in the annual related party transactions of copper crown copper foil. The related party transactions between copper crown copper foil and the company and other enterprises controlled by the company are mainly related procurement and smaller related sales.

Tongling Nonferrous is a large-scale whole-industry chain copper production enterprise integrating copper mining, smelting, processing and trade. Its main products include cathode copper, sulfuric acid, gold, silver, copper foil and copper strip.

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